One of the leading steelmakers in Chittagong booked two bulk vessels at the closing of last week, from 2 different scrap recyclers in the USA. The bookings included full shredded scrap cargoes of 32,000 MT and 30,000 MT each and were reportedly booked at USD 295/MT CFR Chittagong. Fresh offers for bulk cargoes are now higher by USD 10/MT for shredded.
SteelMint’s assessment for containerized Shredded scrap from UK, Europe and North America now stands at around USD 305/MT, CFR Chittagong, slightly up against USD 300-303/MT levels last week, however, shredded scrap witnessed comparatively lesser inquiries from the buyers. Few offers were also reported at USD 310/MT, CFR.
Offers for HMS 1 in containers from Australian and European origins increased and now stand at USD 290/MT CFR Chittagong, with few bookings reported at these prices. Brazil origin HMS 1&2 (80:20) offers are presently reported at USD 285/MT CFR while few deals were concluded at USD 280/MT last week.
P&S scrap offers have continued moving up, currently assessed at around USD 315/MT CFR with few inquiries reported.
Bangladesh’s domestic steel market witnessed improvement this week as steel demand from end-users rose up. Most steelmakers in Dhaka and Chittagong hiked their offers for finished steel by 4-5% amid improving sentiments. Consequently, local scrap demand has also improved and followed the rising trend, with current offers in the range for shipyard scrap reported 29,000-29500/MT ex Chittagong.
Leave a Reply